BROKER ADMITS BILKING INVESTORS.Byline: Daily News A Studio City securities broker at a major firm pleaded guilty Tuesday to conspiring to bilk bilk tr.v. bilked, bilk·ing, bilks 1. a. To defraud, cheat, or swindle: made millions bilking wealthy clients on art sales. b. about 40 hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" investors of at least $2.5 million. Justin Paperny, 31, admitted he and Keith Gilabert misled investors of Valencia-based Capital Management Group about its GLT GLT Gestion Logistique et Transport (French) GLT Global Leadership Team GLT Golden Lion Tamarin GLT Großladungsträger (German) GLT Guided Light Transit GLT Grundlagentraining investment fund's performance history, the risk associated with investing in Capital Management and the oversight of Capital Management Group by the brokerage firm, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. an FBI report. Paperny faces a maximum penalty of five years in federal prison when he is sentenced July 30 by U.S. District Judge Stephen V Stephen V, 1239–72, king of Hungary (1270–72), son and successor of Bela IV. As a child he was named duke of Transylvania, and in 1259 he was made duke of Styria. . Wilson. Gilabert, who pleaded guilty last year to a conspiracy charge, is scheduled to be sentenced on July 23. A hedge fund is not as heavily regulated as mutual funds. Paperny pleaded guilty to conspiracy to commit mail fraud, wire fraud and securities fraud and in exchange agreed to cooperate with investigators on an ongoing criminal probe of Capital Management and its GLT Venture Fund. |
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